Dade County, FL Retail Strip Sells for $11.75 Million

    Essex Shopping Center, Hialeah, FL

Drew Kristol

 HIALEAH, FL, June 10, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Essex Shopping Center, a 75,592-square foot retail strip in Hialeah, Fla. The $11,750,000 sales price equates to $155 per square foot.

            Vice presidents investments Alex Zylberglait, Drew Kristol and Kirk Olson, all in Marcus & Millichap’s Miami office, represented the seller, a private investment group based in Miami.

Kirk Olson

Arthur Porosoff, an associate vice president investments and Jorge Ruiz, an associate, both also in the firm’s Miami office, represented the buyer, another Miami-based investment group.

            “Investors are increasing their focus on Hialeah due to the submarket’s low vacancy rate and strong population density,” says Zylberglait. “Essex Shopping Center provides the new owner with an opportunity to earn an exceptionally strong immediate return.”

Alex Zylberglait

“Hialeah is one of Miami-Dade County’s significant retail submarkets and this shopping strip is ideally located on a signalized corner,” adds Olson. “The center provides a great opportunity to reposition through modernization of the façade and increasing rents on several tenants that are currently paying below market rate rents.”

The property was built in 1948 on a perfectly square 5.23-acre lot at 435 Hialeah Drive on the hard corner of Hialeah Drive and East 4th Avenue in central Hialeah. Many national retailers including Walgreens, McDonald’s, Dunkin’ Donuts, Wendy’s and Publix surround the location.

The major tenants at Essex Shopping Center are Payless ShoeSource, GNC, Advance America and Sunshine Citgo.

 For a complete copy of the company’s news release, please contact:

Ben Johnson

Marketing Director

(925) 953-1736